The First National Bank is offering a 6-year certificate of deposit (CD) at 4% interest compounded quarterly; Second National Bank is offering a 6-year CD at 5% interest compounded annually. Round percentage answers to two decimal places. Round dollars to the nearest cent. Do not round intermediate calculations.
a. If you were interested in investing $7,000 in one of these CDs, calculate the compound amount of each offer.
First National: $
Second National: $
b. What is the annual percentage yield of each CD?
Do not enter the percent symbol in your answer.
First National: %
Second National: %
c. If Third National Bank has a 6-year CD at 4.5% interest compounded monthly, use the compound interest formula to calculate the compound amount of this offer.
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